NEW YORK (Standard&Poor's) May 18, 2009--Standard&Poor's Ratings Service said today that it lowered its corporate credit rating on Mount Airy, N.C.-based Renfro Corp. to 'B-' from 'B', and removed all the issue-level ratings from CreditWatch, where we placed them with negative implications on Dec. 11, 2008 following Renfro's weak third-quarter operating performance and tighter-than-anticipated covenant cushion levels. Although the company was able to meet its financial covenants as of fiscal year-ended Jan. 31, 2009, with adequate cushion, we remain concerned about the weak retail environment and its effect on the company's performance and ability to maintain sufficient cushion on its financial covenants for the fiscal year-ending January 2010. Although the company was able to improve credit
